Sumitomo Mitsui Trust Group Inc. Raises Stake in Iridium Communications Inc $IRDM

Sumitomo Mitsui Trust Group Inc. grew its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 10.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,315,763 shares of the technology company’s stock after buying an additional 422,618 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Iridium Communications were worth $130,207,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in IRDM. SBI Securities Co. Ltd. increased its position in Iridium Communications by 37.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,757 shares of the technology company’s stock valued at $48,000 after acquiring an additional 476 shares during the period. IFM Investors Pty Ltd grew its stake in shares of Iridium Communications by 3.7% in the 1st quarter. IFM Investors Pty Ltd now owns 13,402 shares of the technology company’s stock valued at $366,000 after purchasing an additional 480 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Iridium Communications by 14.1% in the 1st quarter. GAMMA Investing LLC now owns 3,961 shares of the technology company’s stock valued at $108,000 after purchasing an additional 488 shares during the last quarter. Natixis Advisors LLC increased its holdings in shares of Iridium Communications by 3.8% in the first quarter. Natixis Advisors LLC now owns 14,750 shares of the technology company’s stock valued at $403,000 after purchasing an additional 546 shares during the period. Finally, Vident Advisory LLC raised its stake in shares of Iridium Communications by 5.8% during the first quarter. Vident Advisory LLC now owns 10,391 shares of the technology company’s stock worth $284,000 after purchasing an additional 566 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on IRDM shares. Raymond James Financial downgraded shares of Iridium Communications from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $39.00 to $26.00 in a report on Thursday, September 11th. BWS Financial reissued a “sell” rating and issued a $16.00 price objective on shares of Iridium Communications in a research note on Friday. Morgan Stanley cut their price target on Iridium Communications from $40.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, August 1st. Weiss Ratings cut Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday. Finally, Barclays dropped their target price on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Six investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.67.

Iridium Communications Trading Down 0.3%

Shares of IRDM opened at $18.14 on Friday. The company has a market capitalization of $1.92 billion, a P/E ratio of 16.05, a P/E/G ratio of 0.66 and a beta of 0.70. Iridium Communications Inc has a one year low of $17.08 and a one year high of $34.45. The company has a debt-to-equity ratio of 3.82, a quick ratio of 1.75 and a current ratio of 2.51. The stock has a 50-day moving average price of $20.39 and a 200 day moving average price of $24.60.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The company had revenue of $226.94 million for the quarter, compared to the consensus estimate of $222.13 million. Iridium Communications had a return on equity of 24.07% and a net margin of 14.44%.Iridium Communications’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 EPS. Sell-side analysts forecast that Iridium Communications Inc will post 0.89 EPS for the current fiscal year.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.